Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Hyzon Motors ousts CEO as financial probe continues and Geely Auto earnings squeeze by Covid lockdowns and chip shortage
Hyzon Motors ousts CEO Craig Knight as financial probe continues
Hyzon Motors (NASDAQ:HYZN) has ousted CEO Craig Knight because of a financial quagmire over how the trucking fuel cell maker reported revenue in China and managed internal financial controls.
Parker Meeks, most recently Hyzon’s chief strategy officer, was named president and interim CEO effective immediately. Knight also was removed as a company director. The board plans to search for a new CEO externally and internally.
It merged with Decarbonization Plus Acquisition Corp. in February 2021, receiving more than $550 million when the business combination closed in July 2021.
READGeely Auto earnings squeezed by Covid lockdowns and chip shortage
Chinese carmaker Geely Auto said its profits had more than halved as a semiconductor shortage and Covid-19 restrictions hit demand for vehicles and disrupted production. Pre-tax profits dropped 55 per cent to Rmb1.3bn ($191mn) in the first six months of the year, compared with the same period in 2021, the group said on Thursday. Total vehicle sales fell 3 per cent to 613,845, though revenues rose 29 per cent to Rmb58.2bn.
Geely is an existing investor in ECARX, which entered into a definitive agreement to combine with COVA Acquisition Corp.(NASDAQ:COVA), at an enterprise value of $3.522 billion.
Terms Tracker for the Week Ending January 27, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re coming up on the end of January, the first month of the year, and to-date no new S-1s have been filed. Additionally, the number...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal...
Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26. HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change. However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20...
Carbon capture technology has long been talked about, and it is finally in operation with LanzaTech among the pioneers. Its plants are turning potential emissions into clothing, household goods and sustainable fuels. SPAC cash is now also an accelerant in this new process as the company announced a $1.7 billion combination with AMCI II last March. This week, we caught up with...
In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributor Anthony Sozzi. Thirty months does not sound like that long, but it’s been a...